Binance Announced LaunchPool: Bella Protocol (BEL) First DeFi Farming Project
Recently Binance has launched a new platform for trading virtual currencies in the DeFi market called Launchpool. The sole objective of this launch is to compete with Ethereum (ETH) to expand the decentralized financial (DeFi) market and reach many users.
In a recent blog post, Binance announced the official launch of the launch pool platform. The first project to be launched on the LaunchPool will be the Bella Protocol (BEL).
Binance will support the BEL digital system for the first time on the launch pool platform on 9 September 2020. On 9 September 2020, users will use their coins (BNB, BUSD, ARPA) on the Binance platform with their choice to farm the Bella Protocol.
Although in order to be a part of this new project, users must go to the Binance Savings page and deposit their money into the Binance Exchange. Select the form of a flexible saving with the Launchpool label (BNB, BUSD, ARPA).
As shown in the description, users can drop in their coins in just seconds. Binance Coin now has a $2.5 billion market capitalization, compared to $1.3 billion in June. The latest announcement has pushed the company into eighth place on the market, with the virtual currency currently overtaking Litecoin (LTC), a market capitalization of about $3.13 billion.
Although the market has fallen in the last 24 hours, Binance Coin has resisted and moved higher with a market capitalization of about $2.5 billion.
It should be noted that users can withdraw their money and participate in other offers immediately after that. This would allow individuals to reduce their risk and be sure that their funds can be redeemed on the Binance platform.
Simultaneously, Binance will use its existing services to offer users a similar product on its platform to that provided by other DeFi platforms and protocols. By joining Launchpool, you will also have access to various other services, such as the LaunchPool wallet and the Binance platform. Binance also announced that only coins from the user’s wallet would be placed in the launch pool.
